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Team Finance LLC Announces Fiscal 2007 Results
Date:2/11/2008

professional liability reserves related to prior years of $32.1 million and $12.1 million, respectively, resulting from the Company's receipt of revised actuarial loss estimates for these periods during the first and third quarters of each year.

Net revenue less provision in the fourth quarter of 2007 increased 9.4% to $313.6 million from $286.7 million in the fourth quarter of 2006. Same contract revenue less provision for the quarter increased by 3.5% to $267.5 million from $258.4 million in the same quarter a year ago. In the fourth quarter 2007, same contract revenue growth benefited 1.7% from increases in billed patient volume and 2.5% from increases in estimated collections per visit, while increases in contract and other revenue contributed an additional 0.3% of growth. Changes in prior year revenue estimates and managed care settlements between periods reduced same contract growth by 1.0%. New sales, net of contracts that terminated in the period, and acquisitions contributed $16.7 million and $1.1 million of growth between quarters, respectively. Net earnings were $1.2 million in the fourth quarter of 2007, compared to $4.8 million in the same quarter of 2006. Included in net earnings for the fourth quarter of 2007 and 2006 were losses from discontinued operations (net of tax benefit) of $77,000 and $172,000, respectively.

Within an overall positive performance in 2007, the Company experienced some market challenges in the fourth quarter resulting in a decline in earnings between reporting periods. Both fee for service billing volume and estimated collections per visit experienced a reduced rate of growth in the fourth quarter when measured against prior periods. These reduced growth rates negatively impacted same contract revenue growth in the fourth quarter of 2007, and did not match the higher same contract growth rates realized in the prior reporting periods of 2007 and the fourth quarter of 2006. Changes in prior year revenue estimates an
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SOURCE Team Health Inc.
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